Doha: Qatar Exchange index slipped by 80.25 points or 0.86 percent to hit 9,282.88 points from the previous closing of 9,363.13 points.
The volume of shares traded fell to 3,739,978 from 5,391,593 on last day, and the value of shares increased to QR232,748,874.25 from QR174,934,487.22 on Sunday.
Among the top losers were Qatar National Bank whose share dropped 1.86 percent to QR158.60, Industries Qatar lost 0.38 percent to QR157.30, Barwa Real Estate fell 1.28 percent to QR26.95 and Electricity and Water down 1.50 percent to QR158.10.
The banking and financial sector lost 1.11 points while the insurance sector was down 0.65 points. The industrial sector dropped 0.41 points and the services sector fell 0.52 points.
Meanwhile, Egyptian stocks fell sharply yesterday as the country’s political crisis deepened, with violence on the streets blocking efforts to form a new government following the ouster of president Mohammed Mursi.
At least 51 people were killed when, according to Islamist demonstrators enraged by the military’s overthrow of Mursi, the army opened fire during morning prayers at the Cairo barracks where he is being held. The military said it was repelling an attack by “a terrorist group”.
The markets have become partly inured to such violence, and although Mursi’s Muslim Brotherhood leadership called for an uprising against the army, many analysts doubt the body as a whole has the will or the public support for such a campaign.
Without a smoothly operating transition government, Egypt is unlikely to be able to begin addressing economic problems such as a ballooning budget deficit, or to negotiate a long-delayed, $4.8bn loan with the International Monetary Fund.
The benchmark stock index lost 3.6 percent, extending its losses since it jumped to a one-month high last Thursday immediately after Mursi was overthrown. It has now given up more than a third of its gains since it began rallying in late June.
Investors have not completely abandoned hopes that an effective, technocratic government will be installed. Yields dropped at a government bond auction yesterday while the Egyptian pound strengthened slightly in both the official and the black markets.
United Arab Emirates markets rallied as investors bought shares ahead of second-quarter earnings announcements in coming weeks. But trading volumes stayed thin with many investors away for summer holidays.
Dubai’s defensive stocks, which tend to pay high dividends, and some others expected to post strong quarterly earnings growth led a rally on the bourse.
“What you’ve seen today is accumulation in certain securities that people are expecting will announce good Q2 results,” said Marwan Shurrab, fund manager and head of trading at Vision Investments. “It’s retail buying backed by institutional buying and defensive stock-picking.”
Budget carrier Air Arabia and telecom operator Du advanced 3.6 percent and 5.3 percent. Contractor Arabtec rose 2.9 percent after the firm said its Dh2.4bn ($653m) rights issue was oversubscribed by nearly 30 percent; the offer period was extended after it initially failed to sell out.
Dubai’s index climbed 2.6 percent to finish at 2,341 points, its highest close since June 20.
Agencies
